The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-09-17
DRESBACH'S DEFICIT.
A Remarkable Case of Colos-
sal Borrowing.
INDEBTEDNESS OF $500, 900.
The Exhibit is the Most Astounding
in the History of Specuia-
tion in tho Country.
How They Do it on the Coast.

SAN FRANCISCO, September TO-
William Dresbaeh, one of the chief
manipulators of the recently cornered
wheat deal, has filed with the county
recorder full statement of his liabiIi
ties and assets. Among the creditors
who loaned Dresbach are the following,
who are well secured by wheat, which,
il sold at present prices, would cover
the claim; y. I. kaufman, 500 GOO;
Searles 81 Stone, $4,000; Staub &
Cooper, $4,000; Charles F. Reed,
$3.50, 600; Abby NJ. Parratt, $500, 900;
Star & Co.. $4,000; London, Paris g.
American Bank. $40 600; Blum, Bald
win & Girvin, 1921, 900. Following this
statement is given the list of wheat con-
tracts whereby Dresbach agreed to re-
ceive 80, 900 tons of wheat from various
parties, at prices ranging from $l.70 per
GENITAL to $500 per Genital, the current
price now being $125. The amounts
due on these contracts is in dispute.
The most startling exhibit made
is the amount Of money owing
to the Nevada Bank on promis-
that Dresbach owes the bank di-
rectly $55O,OOO. He also obtained
from the bank Sc 900 600 on a guarantee
given by Charles F. Reed, so that he re
ceived from the bank in various sums
fully Sc 600, 900.
Mr.. Reed, who appears as guarantee
for this enormous sum, is farmer of
Yolo County, in this state, and owns q
large tract of land there. How he
satisfied the Nevada Bank, is not
stated. Mrs. P. Stevens, of New York. is
his sister, and he has other wealthy
relatives. In the hist of assets, there is
given statement of fifty -seven vessels
bound for Liverpool, carrying 595 900
quarters of wheat. Dresbach drew
upon the consignees of this wheat in
England for more than the present
values of the cargoes, and the assets,
therefore, are of no value. Among
other assets are $278,46 of money on
hand. There is also book account of
81, 795, 900 owing to Dresbach by John
ston, Bosch & Co., of England, but this
amount will not be more than sufficient
to cover the losses sustained by this
firm on advances made to cover the
losses on wheat in Europe on account
of Dresbach. Henry Coubrough, of
London, is also mentioned as owing
$7l2 600. There are various other Lon
don accounts OF less magnitude, but
deemed valueless. John Resented is
also quoted as owing S107 900. He was
a partner with Dresbach, and this rep
resents his share of the loss on Joint &C
count. A summary shows as follows
Money borrowed on wheat and secured
is 81 $50, 900; owing to Nevada Bank,
sc, 500, 900; losses on contract, $500, 900;
losses on cargoes en- route, $535 900
other losses, 5000 $50, making total in
debtedness of more than $500, 900.
which is practically unsecured and
which is supposed to approximately
represent the loss in the great deal.
Taken as a whole, the exhibit is re-
garded as the most remarkable in the his
tory of speculation in this country, and
is accepted as a confession of necessity
of the changes which occurred three
days ago in the directory OF the Nevada
Bank